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Venmonitor™ Risk Domains
- Cybersecurity: Third-party vendors can be an organization’s weakest link and leave them vulnerable to data breaches, compromising customer data. Venmonitor™ provides access to cybersecurity data and scores received from multiple leading cybersecurity monitoring partners.
- Business Health and Credit Risk: A third party with poor financial health or credit runs the risk of going out of business before the contract term is up. Venmonitor™ gives access to key intelligence data that can help an organization determine the risk level of doing business with that third party.
- Privacy: Low privacy scores can be an indicator of inadequate or non-existent policies, no employee training, inadequate data governance, or improper data use. Venmonitor™ gives access to see an overall score that ranks the third party’s privacy practices as well as the top negative contributing factors to its privacy risk profile.
- ESG (Environmental, Social, and Governance): There is an immediate need to move away from current business practices that endanger people and the planet. ESG refers to the specific metrics used to measure and report an organization’s progress against its ethical goals. Venmonitor™ gives access to view a third party’s ESG scores that can help organizations determine if the third party has implemented sustainable business practices and align to an organization’s ESG goals.
- Negative News: In a world where millions of pieces of information are published daily in official and unofficial news sources, it can take just one to cause financial or reputational damage. Venmonitor™ gives access to a wide range of AI-powered predictive analytics that classify, rank, score, and extract meaningful insights from unstructured data sources.
- Know Your Vendor: It is important to establish the identity and legal status of third parties. Sanctioned organizations and individuals, shell companies, obscured legal entities, beneficial owners, politically exposed persons, regulatory enforcement, and legal proceedings are not always discovered during due diligence. Venmonitor™ will give insight into if the third party has any criminal or regulatory enforcement action against them.
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Frequently Asked Questions
- What is Venmonitor?
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Venmonitor™ is a new software tool that brings the industry’s best risk intelligence data into one central location, allowing you to easily screen vendor or supplier performance across multiple risk domains. Venmonitor™ provides comprehensive coverage into cybersecurity risk, ESG risk, privacy risk, Know Your Vendor risk, business health and credit risk, and negative news and adverse media.
- Who provides the risk intelligence data?
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The industry's best risk intelligence providers are partnered with us to supply the data for Venmonitor™. When tailoring your Venmonitor™ package, you get to choose which provider data you want to see, whether only a select few, or all available providers.
- Do I need to have a subscription to each risk intelligence provider?
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No. To use Venmonitor™, you do not need to have a subscription with any of the risk intelligence providers, you directly contract with Venminder for Venmonitor™ only. Many of our customers do choose to move forward with select providers to gain access to deeper intelligence and if you get to that point, we'll be happy to assist and guide you in that evaluation.
- Do I need to use Venminder software to use Venmonitor?
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No! While together they are more powerful, Venmonitor™ is available for purchase as a standalone tool.
- Is Venmonitor a static report?
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Venmonitor™ has two primary frequencies that you can leverage:
- A point-in-time static view for on-demand screening
- A continuous monitoring solution where data on loaded vendors is refreshed automatically